$100M Build Loan Gets Omega Started on North Miami Mixed-Use Redev
Berkadia has arranged $100 million in construction financing provided by Churchill Real Estate for a 358-unit mid-rise apartment community with 1,100 square feet of ground floor retail in North Miami, FL.
Charles Foschini, Christopher Apone and Robert Ludice of Berkadia secured the financing on behalf of Omega Real Estate Management. Churchill’s direct originations platform, led by Jeff Rosenfeld and Sean Robertson, provided the two-year, floating-rate loan, with two one-year extension options, interest only for the full loan term including extensions.
The project was supported by the North Miami CRA, which provided $15 million in subsidies. Ten percent of the units are set aside for families earning at or below 80% AMI.
The mid-rise building, The Gardens Residence, represents the first phase of seven-acre mixed-use redevelopment project that will eventually encompass a Class A 28,000-square-foot office building, an 8,000-square-foot-office building and a 12,000-square-foot food-and-beverage center.
The development is at 1155 Northeast 126th Street.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.